Savvy crypto trader turns $318k into over $3 million in an hour
A savvy cryptocurrency investor has recorded a ten-fold return on an investment of approximately $318,000 through precise market monitoring.
The transaction involved Solana (SOL) and the artificial intelligence-themed Act I: The AI Prophecy (ACT) in a trade conducted on Raydium, a decentralized exchange (DEX) built on the Solana blockchain.
Details of the trade indicate that the investor invested 1,558 SOL ($318,000) to acquire 10.9 million ACT tokens, according to the latest data retrieved by Finbold from on-chain crypto analysis platform Lookonchain on November 11.
Drivers of ACT popularity
ACT is one of the meme coins that has gained popularity since its launch on the Solana blockchain, fueled by growing community enthusiasm and the general bullish market sentiment.
The token’s spike was ignited after Binance announced its listing on November 11 under the ACT/USDT pair, with withdrawals set for November 12. The announcement also included another popular meme coin, Peanut the Squirrel (PNUT).
Notably, ACT is part of the latest wave of meme coins listed by Binance in 2024. Despite an initially low market cap, it earned a place on the exchange as it appears to be listing these coins based on community enthusiasm.
This approach has raised concerns that Binance might be evolving into a ‘pump and dump’ platform, with accusations of intentionally harming retail investors and creating an unhealthy meme coin environment.
ACT price analysis
ACT was valued at $0.333 as of press time, marking a staggering 1,400% increase in the past 24 hours.
The short-term buying pressure has resulted in the meme coin recording a market cap of $315 million, peaking at almost $350 million at one point, with over 21,000 holders
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